What happened

Single-family residential real estate investment trust (REIT) Front Yard Residential (NYSE:RESI) got a significant boost from the return of Credit Suisse analyst Douglas Harter. The analyst reinstated his coverage on the stock with an outperform (buy) recommendation and a target price of $11 per share -- 57% higher than the current level.

SOLD sign on the front yard of a house.

Image source: Getty Images.

So what

Credit Suisse abandoned coverage of Front Yard Residential earlier this year, after REIT agreed to be bought out, in a deal valued at $2.3 billion, by privately held peer Amherst Residential. 

Earlier this month, however, that deal was scotched. In a press release on the matter, Amherst put the blame on the SARS-CoV-2 coronavirus, saying that it "made the integration of the organizations too operationally complex and uncertain." It settled by purchasing $4.4 million worth of Front Yard Residential shares, and providing its partner with a $20 million, two-year unsecured loan.

Subsequent to that, Front Yard Residential posted Q1 fiscal 2020 figures that set several new quarterly records, in spite of the damaging effects of the coronavirus outbreak. Core funds from operations nearly doubled from the previous quarter, while stabilized rental leased percentage (read: occupancy) climbed to a new high of 97%.

Now what

Going by those Q1 figures, Front Yard Residential is doing just fine on its own. Investors will be keeping an eye on the company to see whether it can maintain that growth in the thick of the pandemic.